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Small business COVID-19 incentive program facilitates inn transactions

A U.S. Small Business Administration business purchase incentive program made it possible for the separate buyers of two Maine inns to close on the transactions.

Jacqueline Pierce bought the Inn at Bath, at 969 Washington St., Bath, from Elizabeth Knowlton for an undisclosed price in a deal that closed Sept. 23. The list price was $725,000.

Nicole and Matt Irwin bought Acadia Bay Inn, at 12 Miramar Ave. in Sullivan, from Todd and Angela Vafiades for an undisclosed price in a deal that closed Sept. 25. The list price was $1.375 million.

Dana Moos of Swan Agency Sotheby’s International Realty brokered both transactions.

Loan guarantees

The transactions were initially stymied by the challenge of finding a bank willing to lend during the pandemic, Moos said. 

Of her usual list of a half-dozen or so hospitality lenders, “Machias Savings Bank was the only one at the time who wanted to make

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